SAPA full-day BCEA workshops: Oct 2014

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Course content 

  • Purpose and overview.
  • Who is covered?
  • Regulation of working hours – normal, overtime, Sunday, public holiday.
  • Leave – annual, sick, maternity, family responsibility, paternity, sports, etc.
  • Contracts of employment.
  • Payslips – the legal requirements and the inferred responsibility.
  • Employment and termination guidelines.
  • Sectoral determinations.
  • Monitoring and enforcement by Department of Labour.

Cost

  • Members: R1,250.00
  • Non-members: R1,950.00

When and where

All workshops will run from 08h30 to 15h30.

  • Johannesburg, CCJ, Woodmead – 9 October 2014
  • Durban, Suncoast Casino – 16 October 2014
  • Cape Town, Old Mutual House – 21 October 2014

Click here to register.

 

Practice management conference for business accountants in practice – Oct 2014

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Overview 

This event is designed for SAIBA members that own or work in small and medium sized accounting firms.

If you are a sole practitioner, partners, senior trainee in an existing firm or thinking about starting your own accounting firm, then this conference is for you.

The conference brings together international and local experts and regulators, including:

  • Practice management experts from small accounting firms.
  • Successful practitioners.
  • National Treasury.
  • Government agencies.
  • IRBA
  • And many others.

The practice management conference will enable business accountants in practice to improve their profitability by providing access to the latest developments in managing their practice.

Successful practitioners and firms will share their insights into what is required to start, manage, expand or diversify an accounting practice.

Course content

You can elect to attend only one day or attend all three days.

Themes:

  • The future regulation of the accounting profession.
  • Developments in Compilation, Review and Audit engagements.
  • Economic and other trends affecting accounting firms.
  • Presentations on starting, running and growing your practice including staff management, time management and succession planning.
  • How to get more clients.
  • How to market your practice.
  • Demonstrating key technology trends affecting your practice.
  • Demonstrating practice management techniques for mature practices.
  • A case study in micro entity audits.
  • Business Accountants in Practice (SA).
  • Members in full or part time practice.
  • Senior trainees.
  • Members considering stating their own practices.

Cost

Members of professional accountancy bodies:

  • 1 Day Pass = R 1,690.00
  • 2 Day Pass = R 2,690.00
  • 3 Day Pass = R 4,450.00
  • DVD = R 650.00

Register now.

Professionals other than members of a professional accountancy body:

  • 1 Day Pass = R 1,990.00
  • 2 Day Pass = R 2,990.00
  • 3 Day Pass = R 4,750.00
  • DVD = R 650.00

Register now.

When and where

Click here for more information.

 

Sage Pastel Seminars: Directors duties made simple – Nov 2014

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Company directors need to know their statutory obligations and must be aware of what is expected of them.
Section 76 of the Companies Act 2008 requires a director to act in good faith and for a proper purpose in the best interests of the company. A director should furthermore act with the degree of care, skill and diligence that may reasonably be expected of a person carrying out such functions and having the same skill and experience of that director – the reasonable person test. The Act deals comprehensively with the election, disqualification, vacancies, removal, meetings, resolutions and liabilities of directors.

Whether you are a company director yourself, or have directors as clients, this informative morning seminar will ensure you leave armed with the knowledge required to comply to the Act.

Cost

  • R950 (incl. VAT)

When and where

This seminar will run from 09h00 to 12h30 (registration from 08h30).

  • 03 November 2014 – Southern Sun, Arcadia, Pretoria
  • 05 November 2014 – Southern Sun, Newlands, Cape Town
  • 12 November 2014 – Kingfisher Conference Centre, Durban
  • 18 November 2014 – Sage Conferencing, Woodmead, Johannesburg

Register for this event.

 

SAPA half-day workshops: Protection of Personal Information Bill – Sep 2014

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Course outline 

  • Purpose of the bill.
  • Applications of the bill.
  • Exclusions from the bill.
  • Important definitions.
  • Offences and penalties.
  • Conditions for lawful processing of personal information: 8 Conditions
  • Exemptions
  • Information 0fficer.
  • Rights of data subjects.
  • Directories
  • Automated decision making.
  • Processing of special personal information.

Continuing Professional Development (CPD)

This workshop will be accredited with 5 CPD points.

Cost

  • Members: R1,000.00
  • Non members: R1,500.00

When and where

All workshops will run from 09h00 to 13h00 (registration from 08h30).

  • Durban – Suncoast Casino – 23 September 2014 – register here
  • Cape Town – Old Mutual House – 25 September 2014 – register here
  • Johannesburg – CCJ Woodmead – 30 September 2014 – register here

 

 

SARS issues tax incentive guide

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Article source: Tax-News 

 

The South African Revenue Service (SARS) has published a tax guide that provides a general explanation of the application and interpretation of the provisions within the Government’s urban development zone (UDZ) tax incentive.

In 2003, the South African Minister of Finance announced the UDZ incentive in the form of an accelerated depreciation allowance under the income tax code to promote investment in 16 designated inner cities, 15 of which now have demarcated UDZs within their boundaries.

The core objectives of the UDZ incentive are to address dereliction and dilapidation in South Africa’s largest cities and to promote urban renewal and development by promoting investment by the private sector in the construction or improvement of commercial and residential buildings, including low-cost housing units, situated within demarcated UDZs. The incentive also intends to encourage investment in urban transport infrastructure for trains, buses or taxis.

Municipalities are be given the opportunity to apply for extensions to already existing designated zones and to apply for an additional demarcated UDZ in an existing municipal zone. Only areas which have a specific and necessary need for an extra zone will be granted UDZ status, and will be subject to Ministerial approval.

The 100 percent allowance, when claimed, reduces the taxable income of a taxpayer, and can also be used even if it creates an assessed loss, which can be carried forward. The deduction was originally only available until March 31, 2014, but it has now been extended for a further six years until March 31, 2020.

Apart from the general application of the UDZ incentive, the guide also explains that, in the event of a purchase of a building or part of a building from a developer, a deduction will be allowed for 55 percent percent of the purchase price of that building, in the case of a new building erected, extended or added to by the developer; or 30 percent of the purchase price of that building, in the case of a building improved by the developer.

It also provides an overview of the income tax consequences associated with the disposal of a building on which the tax incentive was previously allowed, or the ceasing of a taxpayer to use such a building solely for the purposes of that person’s trade.

Download the guide to urban development zone tax incentive.

 

Betty Bookkeeper gives advice on selling a property from a company to a trust via usufruct – September 2014

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Dear Betty 

When we sell a property from a company to a trust via usufruct, the trust has ownership in the form of the bare dominium. The company has use of property via the usufruct.

My questions are:

  1. If the property is collecting rental income, do we show the rental income in the trust? Do we claim the full interest on bond in the trust?
  2. How do we capture the sale and how do we write off the usufruct amount every year?
  3. Do we create a debtor account in the company for the sale?
  4. Can you please help me with the disclosure on the above, using a simple example?

Kind regards,
Deon

 

Hi Deon

Wow! Quite some in-depth questions. I like it! Please see my responses below with relation to each of your above listed questions.

  1. No, the person/entity that holds the usufruct is entitled to the rental income. In this case it will be the company, therefore the company must reflect the rental income. No income, therefore no deduction. If the bond is in the company’s name, then only the interest portion that relates to the usufruct is deductible.
  2. The property should be re-valued in full and the profit on revaluation taken to non-distributable reserves. On disposal of the bare dominium – this must be valued (property less value of usufruct i.e. market value x 12 % over life of entity i.e. 50 years) and the value of the bare dominium must be taken to distributable reserves. There will be a CGT implication as well as transfer duty on the bare dominium value.
  3. Yes, if the bare dominium value is not settled. Be wary of deemed dividends and dividends withholding tax if the trust is a shareholder or connected person to the company.
  4. As per normal sale.

Hope that helps!

 

Don’t forget that I’m here to answer your questions about the ICBA, or just queries about your accounting at work. All you have to do is email me!